Can I have a mortgage and study?

A reader from Manchester is planning to study, but is unsure if any bursaries can be used to calculate her income when she remortgages next year.

Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes her through the problem and what it means to her finances.

Anne from Manchester asks:

My fixed rate mortgage expires in 2009. I am considering studying next year and was wondering how this would affect my chances of remortgaging.

Are student bursaries classified as income?

Tony replies


I am not aware of a lender that would take this source of income into account as standard lending practice, it could well be that if it is sufficient to support the mortgage, there is sufficient equity in the property and you achieve a strong credit score a deal could be agreed.

I would suggest that you speak with a mortgage advisor who will carry out the research and negotiate and possible deal on your behalf.

If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert section.

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Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority